🇬🇧UK Monthly GDP Rises By 0.8%
- Rosbel Durán
- Jul 9, 2021
- 1 min read
GDP Growth Rate increased by 0.8% in May, missing estimates of 1.5%. Industrial production printed at a rate of 0.8% M/M. However, the economy still remains 3.1% below pre-pandemic levels
ONS:
The service sector grew by 0.9% in May 2021 – accommodation and food service activities grew by 37.1% as restaurants and pubs welcomed customers back indoors following the easing of coronavirus restrictions.
Output in the production sector returned to growth in May 2021, at 0.8%, mainly because of adverse weather conditions in May boosting output in electricity, gas and air supply.
Output in the manufacture of transport equipment fell by 16.5%, its largest fall since April 2020 as microchip shortages disrupted car production.
The construction sector contracted for a second consecutive month in May 2021, by 0.8%, but remains 0.3% above its pre-pandemic level in February 2020.
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